News The African Way

Nigeria’s Inflation Hits 15.92%, Highest in Six Months

By Iliya Kure

The National Bureau of Statistics (NBS), Friday, says Nigeria’s inflation has risen to 15.92% in March 2022, the highest point since October 2021.

This is the second consecutive month of increase in the price of goods and services in the country.

The March figure however, is 2.25% lower, when compared to 18.17% in the same month last year, indicating a slow down in March 2022, compared to the same month in the previous year.

Announcing this in its latest consumer price index (CPI), the NBS says on a month-on-month basis, the Headline Index increased to 1.74% in March 2022, this is 0.11% points higher than the rate recorded in February 2022 (1.63%).

The percentage change in the average composite CPI for the twelve months period ending March 2022 over the average previous twelve months period is 16.54%, this shows 0.19 percent points decrease compared to 16.73% recorded in February 2022.

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